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A qualified going concern audit letter like this is only issued by the auditors when the company is in extreme financial distress and it is likely that it may file for bankruptcy protection. [ 78 ] March 12, 2009: GM's CFO Ray Young said that it would not need the requested $2B (~$2.76 billion in 2023) in March noting that the cost-cutting ...
On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
General Motors Financial Company, Inc. is the financial services arm of General Motors.The company is a global provider of auto finance, with operations in the United States, Latin America, Canada, Europe (which was sold to PSA Groupe and BNP Paribas following the sale of GM's core area businesses Opel and Vauxhall in a $2.2 billion deal), and China.
On June 1, 2009, the court gave interim approval to GM's request to borrow $15 billion as debtor-in-possession financing, the company only having $2 billion cash in hand. The United States Treasury had argued in court that it was the only source of such debtor in possession funding, and that without the money from the loan General Motors would ...
Despite a small dip in U.S. vehicle sales, General Motors' first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles. GM on Tuesday said it ...
Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009 [94] followed by General Motors a month later. [95] On June 2, General Motors announced the sale of the Hummer brand of off-road vehicles to Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., a machinery company in western China, a deal which later fell through.
Take the time to learn more about a credit limit increase’s impact on credit score, the pros and cons of a credit limit increase, the right time to request an increased credit limit, how ...
In a statement, Nessel criticized DTE for asking to increase electric rates just four months after state regulators approved a previous increase. Michigan AG Nessel slams DTE's $456M rate hike ...